The Prydis team — which secured exclusivity for the acquisition from DTZ IM — has been granted planning consent to comprehensively refurbish and extend the vacant 65,000 sq ft department store.
Prydis plans to deliver a mixed-use scheme with retail units on the ground floor, and a luxury hotel and restaurant above.
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The building’s extension will also provide a rooftop bar and terrace.
In partnership with design construction consultancy Expedite, Prydis hopes to begin the development this summer.
“This is an extremely well-located asset in the heart of an important regional city,” said Dominic Gibson, investment director at Octopus Real Estate.
“We are well-known supporters of regional real estate investment and have a strong appetite to fund capable borrowers investing in assets of this nature.”
Nick Cross, director at Prydis, added: “We have put together a sympathetic and relevant redevelopment of the property, which will make the most of all this historic city has to offer.”